By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, MB, Sept. 25, 2015 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were up sharply at midday Friday, touching some of their best levels in a month as a rally in the CBOT soy complex provided some spillover support.
Solid demand from both exporters and domestic crushers, amid a lack of significant farmer selling, contributed to the gains in canola, according to participants.
The November contract briefly traded above C$480 per tonne, which is seen a major nearby resistance point. An analyst said a sustained move above that point could trigger more buying interest, but the level was still holding at midsession.
Relatively favourable Canadian harvest weather and rising production prospects also tempered the upside potential in canola, said traders.
About 21,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
